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2121 and Underwriting Year Accounts As at 31 December 2016

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2121 and Underwriting Year Accounts As at 31 December 2016 Important information about Syndicate Reports and Accounts Access to this document is restricted to persons who have given the certification set forth below. If this document has been forwarded to you and you have not been asked to give the certification, please be aware that you are only permitted to access it if you are able to give the certification. The syndicate reports and accounts set forth in this section of the Lloyd’s website, which have been filed with Lloyd’s in accordance with the Syndicate Accounting Byelaw (No. 8 of 2005), are being provided for informational purposes only. The syndicate reports and accounts have not been prepared by Lloyd’s, and Lloyd’s has no responsibility for their accuracy or content. Access to the syndicate reports and accounts is not being provided for the purposes of soliciting membership in Lloyd’s or membership on any syndicate of Lloyd’s, and no offer to join Lloyd’s or any syndicate is being made hereby. Members of Lloyd’s are reminded that past performance of a syndicate in any syndicate year is not predictive of the related syndicate’s performance in any subsequent syndicate year. You acknowledge and agree to the foregoing as a condition of your accessing the syndicate reports and accounts. You also agree that you will not provide any person with a copy of any syndicate report and accounts without also providing them with a copy of this acknowledgment and agreement, by which they will also be bound. G:\Jobs\15201-15400\15360\Artwork\Cover 2017.WIN 17/3/2017 22:02:31 Galley 1 All together Argenta Syndicate Management Limited Report, Annual Accounts Syndicate 2121 and Underwriting Year Accounts as at 31 December 2016 C M Y CM MY CY SC0 CMY G:\Jobs\15201-15400\15360\Artwork\1.win 21/3/2017 10:26:21 Galley 1 All together Argenta Syndicate 2121 Argenta Syndicate Management Limited Company Information Directors John LP Whiter Andrew J Annandale Graham K Allen Paul Hunt Ian M Maguire Nicholas J Moore John E Mumford Gary A Powell Matthew P Rowan David J Thompson Registered office 5th Floor 70 Gracechurch Street London EC3V 0XL Registered in England number 3632880 Syndicate auditor Ernst & Young LLP 25 Churchill Place Canary Wharf London E14 5EY Syndicate bankers Barclays Bank PLC 1 Churchill Place Canary Wharf London E14 5HP Citibank N.A. Citigroup Centre 33 Canada Square Canary Wharf London E14 5LB Royal Trust Corporation of Canada Royal Trust Tower Toronto Ontario M5W 1P9 Syndicate actuaries Ernst & Young LLP 25 Churchill Place Canary Wharf London E14 5EY Company auditor Ernst & Young LLP 25 Churchill Place C Canary Wharf M London E14 5EY Y CM MY 1 CY SC0 CMY G:\Jobs\15201-15400\15360\Artwork\1.win 21/3/2017 10:26:22 Galley 2 All together Contents of Report and Accounts Page Managing Agent’s Report 3 Annual Accounts Statement of managing agent’s responsibilities 16 Independent auditor’s report 17 Income statement: technical account 19 Income statement: non-technical account 20 Statement of changes in members’ balances 21 Statement of financial position 22 Statement of cash flows 24 Notes to the accounts 25 Underwriting Year Accounts Statement of managing agent’s responsibilities 67 Independent auditor’s report 68 Income statement: 2014 technical account 70 Income statement: 2014 non-technical account 71 Statement of changes in members’ balances 72 Statement of financial position 73 Statement of cash flows 74 Notes to the accounts 75 C M Y CM MY 2 CY SC0 CMY G:\Jobs\15201-15400\15360\Artwork\1.win 21/3/2017 10:26:23 Galley 3 All together Argenta Syndicate 2121 Managing Agent’s Report The directors of Argenta Syndicate Management Limited (ASML), a company registered in England and Wales, present their report for the year ended 31 December 2016. The annual accounts are prepared using the annual basis of accounting as required by Statutory Instrument No. 1950 of 2008, the Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 (“the 2008 Regulations”). A separate set of underwriting year accounts has been prepared on the traditional three year accounting basis in accordance with the Lloyd’s Syndicate Accounting Byelaw (No. 8 of 2005). These relate to the 2014 year of account which has been reinsured to close with effect from 31 December 2016. The financial reporting framework that has been applied is United Kingdom Generally Accepted Accounting Practice (UK GAAP) including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS 102) and Financial Reporting Standard 103 ‘Insurance Contracts’ (FRS 103). Principal activity There has been no change during the year to the syndicate’s principal activity which continues to be the transaction of general insurance and reinsurance business. Overview of business Syndicate 2121 continues to underwrite a predominantly direct and short tail account across a broad range of marine and non-marine classes of business with a worldwide geographical spread, although some long tail casualty business is also written. It operates within the Lloyd’s of London (Lloyd’s) insurance market in London and through a service company on the Lloyd’s platform in Singapore, Argenta Underwriting Asia Pte Ltd (AUA). This service company has recently opened a branch office in the Central Business District of Sydney, Australia. In addition, at the beginning of 2016 the syndicate established a dedicated underwriting division of Lloyd’s Insurance Company (China) Limited (LICCL) based in Shanghai, accessing Chinese domiciled reinsurance business. Finally, and in line with the stated aim for controlled growth, in 2016 AUA purchased the business of an established managing general agent in Australia writing a niche property account. This business had been written by the syndicate on a subscription basis since 2005 and in a lead capacity since 2011 with consistent results that have beaten the business plan average. For 2016 the syndicate assumed 100% of this account which is now fully integrated with the remainder of the book of business written. The largest line of business continues to be the direct and facultative property book, built around a number of long standing relationships with managing general agents and supplemented with an open market book of predominantly small commercial and homeowners’ business. The syndicate also writes onshore power and utility business and terrorism in the property sector. The marine book consists of the traditional classes including hull, cargo, specie, war and fine art. Energy, including exploration, production and distribution is underwritten, although refining risks are not. Marine and energy liabilities, both in conjunction with the physical damage lines and on a standalone basis, are also written. The syndicate has a small international (i.e. non-USA) treaty account split across catastrophe excess of loss and risk excess business. An international casualty book written via a Lloyd’s approved consortium is written which also includes a small product recall account and is in its fourth year of development. An accident and health book was added to the syndicate’s portfolio in 2014, and in 2015 the syndicate started to develop a UK commercial combined book for small to medium enterprises which packages property with both employers’ and public liability risks. Finally, for 2016 the syndicate expanded its cyber book predominantly through participation on another Lloyd’s approved consortium and C quota share reinsurance of another larger Lloyd’s syndicate, and introduced, during the latter part of the year, a new M political risks account. Y CM MY 3 CY SC0 CMY G:\Jobs\15201-15400\15360\Artwork\1.win 21/3/2017 10:26:24 Galley 4 All together Managing Agent’s Report continued Overview of business continued For the 2016 year the stamp capacity was increased to £270 million in line with the ASML strategic objective to grow Syndicate 2121 and to add new lines of business or aligned distribution sources that are able to deliver profit in a competitive market. This is expected to continue but will always be subject to market conditions and either the recruitment of high quality underwriters with a proven track record, or through the support of market consortia which have lead expertise. Review of underwriting activities for 2016 On an annual accounting basis, the result of the syndicate for calendar year 2016 is a profit of £15.0 million (combined ratio 94%) with the 2014 and 2015 underwriting years producing profits of £15.4 million and £7.2 million respectively, and 2016 producing a first year loss of £7.6 million. On the traditional Lloyd’s basis of reporting, the 2014 year of account has closed with a profit of £34.6 million or 14.4% of capacity, with a pure year profit of 9.4% and a release from the 2013 and prior years of 5.0%. The profit includes a foreign exchange gain of £14.7 million. The table below summarises the capacity, premium volumes and performance of Syndicate 2121 for 2016 alongside comparative numbers for 2015. Other than in respect of capacity, the numbers shown are on an annually accounted basis. The table is followed by further detailed comments in relation to each of the years on an annually accounted basis and also on an underwriting year of account basis. Key performance indicators 2016 2015 Capacity (underwriting year) £270 million £240 million Premiums written gross of commission £281 million £227 million Netpremiumsearned £217 million £178 million Profit for the year £15 million £14 million Claims ratio (net) 50% 48% Combined ratio 94% 93% Cash and investments at 31 December £262 million £231 million The combined ratio is the ratio of net incurred claims plus net operating expenses, together with non-technical foreign exchange differences, to net earned premiums.
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